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Your Typical Estate Agents: 10 Things That You Ought To Know!

Your Typical Estate Agents:10 Things That You Ought To Know!

Repeated surveys in the UK show that there are two occupations that are consistently reviled: journalists and Estate Agents.  So if you are considering selling your home, then here are 10 things that you really ought to know about Estate Agents.  Remember; forewarned is forearmed.....

    1. In 2008, the Telegraph newspaper estimated that around 30,000 of the estimated 80,000 Estate Agents had actually gone bust or out of business.  This was due to the enormous crash in the housing market in 2008 and it is unknown how many of these have gone back into business or how many have had to find alternative employment.

    2. There are effectively three types of Estate Agents in the UK.  There are national (or sometimes regional) chains, which are effectively franchises.  Then there is the local independent Estate Agent, who deals with your area and where you live.  The third type of Estate Agent is the online agent.  You may never meet them and they will value your home based on houses sold within the locality.

3. Anyone can be an Estate Agent.  That’s right, there are no special qualifications required.  All you have to do is set yourself up, get some houses on your books and you are a fully fledged Estate Agent.

    4. Many Estate Agents are chartered surveyors and abide by the RICS (Institute of Chartered Surveyors).

    5. Estate Agents will often give you an inflated valuation of your property.  If your property is worth £250,000, but they value it at £300,000, then they often believe it will be easier to win your business, because you will want to try and get £300,000 for your property, rather than the £250,000 that it is probably worth..

    6.Despite overvaluing properties most Estate Agents are not that proactive and think that inserting a photo of your property in the local paper is all they have to do.  But in fact, selling a house requires a really definite proactive approach; especially when the housing market is sluggish.

    7. You should be aware that it is often down to you to keep chasing your Estate Agent to see what they have been doing to sell your property.  Many will not feedback unless you prompt them into telling you what they have done on your behalf.

    8. Don’t assume that your Estate Agent is in a rush to sell your property.  Often they will have ‘pet projects’ that they want to sell first.  These tend to be highly sought after properties, so they know that they can sell these with little or no work but lots of commission.  So they will devote a little time to these and very little time to your home.

    9. Accept that Estate Agents often use a little hyperbole; in other words they exaggerate.  Thus ‘A lot of interest’ means a couple of phone calls.  Properties that ‘generate interest’ are ones that are in an ideal location and even a terrible Estate Agent would struggle not to sell them. 

    10. If you are selling make sure the Estate Agent is being honest.  Properties where the Estate Agent has been less than honest will not sell, because potential buyers are not stupid.  They know when something isn’t ‘right’ and will not fall for what is edging towards lies or misrepresentation.